The board of St David's split-cap investment trust has confirmed that Aberdeen Asset Management is t...
The board of St David's split-cap investment trust has confirmed that Aberdeen Asset Management is to waive its investment management fee.
This is the second trust on which Aberdeen has agreed to a fee moratorium, the other being Aberdeen High Income.
The moratorium on the St David's Investment Trust, which suspended its dividend last month, will last for a period of one year from 1 March 2002.
Discussions with the trust's bank regarding a reduction in its overall debt of £84m are continuing, with a further statement on the level of debt to be made upon the conclusion of these talks.
The board has also introduced other key measures aimed at bolstering confidence in the trust, including cutting their own pay packets.
The board announced a 50% reduction in the basic director's fees, effective from 1 March 2002 and, with effect from the same date, no further marketing expenditure will be borne by the trust.
Furthermore, in view of the changed circumstances and looking to the capital structure for the current year ending 30 November 2002, consideration will be given to changing the percentage of the management fees and interest charged to capital.
Over the past two and a half weeks there have been a number of suspensions of dividends in the £14bn split cap sector.
The increase in minimum AE contributions has had little impact on opt-out rates - with cessations after April increasing by less than two percentage points, data from The Pensions Regulator (TPR) shows.
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